Honeywell Announces Completion Of $6 Billion Term Loan To Enhance Resilience During COVID-19 Outbreak
March 30, 2020
CHARLOTTE, N.C., March 31, 2020 /PRNewswire/ -- Honeywell (NYSE: HON) announced today that it has entered into a $6 billion two-year delayed draw term loan agreement to maximize financial flexibility and further bolster liquidity in the event global economic conditions persist or worsen throughout 2020.
"Honeywell is in an extremely strong position to effectively manage the current economic environment. We closed 2019 with $10 billion in cash on our balance sheet, our pension liability is in an overfunded position, and our debt commitments are manageable thanks to the smart actions we took over the past several years to refinance our debt at attractive rates. The term loan we announced today will further strengthen our resilience in uncertain times," said Darius Adamczyk, chairman and chief executive officer of Honeywell.
Further details about the loan agreement will be contained in a Current Report on Form 8-K to be filed by Honeywell with the U.S. Securities and Exchange Commission.
Honeywell (https://www.honeywell.com/us/en) is a Fortune 100 technology company that delivers industry-specific solutions that include aerospace products and services; control technologies for buildings and industry; and performance materials globally. Our technologies help aircraft, buildings, manufacturing plants, supply chains, and workers become more connected to make our world smarter, safer, and more sustainable. For more news and information on Honeywell, please visit www.honeywell.com/us/en/news.
This release contains certain statements that may be deemed "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, that address activities, events or developments that we or our management intends, expects, projects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are based upon certain assumptions and assessments made by our management in light of their experience and their perception of historical trends, current economic and industry conditions, expected future developments and other factors they believe to be appropriate. The forward-looking statements included in this release are also subject to a number of material risks and uncertainties, including but not limited to economic, competitive, governmental, and technological factors affecting our operations, markets, products, services and prices; including the potential impact of regional or global pandemics. Such forward-looking statements are not guarantees of future performance, and actual results, developments and business decisions may differ from those envisaged by such forward-looking statements, including with respect to any changes in or abandonment of the proposed separation. We identify the principal risks and uncertainties that affect our performance in Honeywell's Form 10-K, and other filings with the Securities and Exchange Commission.